More than 45,000 over-leveraged traders have been liquidated in the past 24 hours as the cryptocurrency market turned red again.
Some of the biggest daily losers come from the ever-volatile meme coin industry, with BONK, PEPE, and FLOKI leading the adverse trend.
Bitcoin/Price/Chart. Source: TradingView
CryptoPotato reported the substantial gains charted by most larger-cap cryptocurrencies yesterday, with bitcoin jumping above $64,000 a couple of times.
However, the asset failed to overcome that level decisively and the bears have reemerged since then. In a matter of hours, they pushed the primary digital asset to a 10-day low of well beneath $62,000.
Despite recovering some ground since then, BTC still trades in the red, having lost more than 2% of its value.
The landscape around the altcoins is even worse. Solana leads the trend with a 5% decline that has pushed it south to $136. Ethereum, which was among the top performers yesterday, has retraced by 3.2% and now struggles to remain above $3,200.
Even more losses are evident from representatives of the meme coin realm. BONK has dumped by almost 10%, followed by PEPE (down by 8.5%), and FLOKI (-7.5%).
Naturally, these declines have harmed over-leveraged traders, with over 45,000 speculative market participants getting liquidated in the past day alone.
The total value of wrecked positions is just over $100 million. The largest single one took place on OKX and was worth nearly $3 million.
Despite the overall bearish sentiment in the market, there are still some positive signs and developments on the bitcoin front that might reverse the recent downward trajectory.
The post Over 45,000 Liquidated Traders as Bitcoin (BTC) Slides Below $62K and Meme Coins Bleed Out appeared first on CryptoPotato.
